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Although the purchase price was considered adequate Mr David Friedman, who was sixty-four years old at the time, and his brother Hyman, who I understand was older, did not accept the condition by which the twenty-year lease would be personally secured. by the appellants. ... Counsel for the appellants, on the other hand, is asking that the Board find that the offer to purchase the subject property at a price of $1,500,000, dated October 22, 1971, (Exhibit A-1) be considered as indicative of the fair market value of the property as at December 31, 1971. ... Since the offer to purchase the property in 1971 was made by an informed purchaser, it is logical to suppose that the prospective buyer considered that the replacement cost of the property was $1,500,000. ...

Perhaps it could be considered that the amounts were rather arbitrary, particularly in that they were specifically geared to pay a mortgage payment on his personal residence. ... Obviously, there is no definition in the Circular for small amounts, and whether or not the payments in question can be considered small amounts, it’s not up to us to determine that. ... Consequently, in this case, Mrs Latta has included one third of the lease payment in her income on her T4 slip as a taxable benefit, which is the minimum standby charge as provided for in the Act, and I would submit that any taxable benefits that could be construed in this situation should be taxed in the hands of Mrs Latta, and that they not be considered loans to Mr Latta by the company. ...

In a unanimous decision, the Court held: The credit notes could not be considered apart from the transactions out of which they arose, in which they represented part of the consideration for the purchase of used cars, under executed contracts. Even if considered by themselves they could not be considered as unenforceable for indefiniteness. ... Further, had the Board considered that the gravel pit was a mine, it could not have allowed a 50% capital cost allowance on the loader as a Class 22 asset. ...

According to the respondent the fair market value on December 31, 1971, was $1,346,000 and the difference of $384,088 must be considered as interest and consequently as income for the appellant, despite the clause of the deed of sale to the effect that no interest was payable until the land had been developed, with then an interest of 8%. ... That is no good. 3.04 The terms of the second tender (Exhibit A-3) were considered as satisfactory. ... Hence the objective facts related to the commercial transaction must be considered first. ...

When the respondent considered in 1971 that a part of the payment of $18,000 was for interest, this part was applied as a deduction. ... Finally, it is understood that the municipal valuation cannot be taken into consideration for this property, because it is a gross valuation and in addition, in this particular case, no service or improvement on the land, and so forth, is considered in this case. ... Mr Laberge considered $0.18 a sq ft (based on two sales of pieces of land adjoining the subject land) for the part with 200 ft of frontage on the street and a depth of 200 ft (transcript, p 193). ...

branches of these industries, and to manufacture and deal in such products and byproducts as may be considered by the Directors to be in the best interest of the Colony. ... The Articles of Association as well as the facts properly considered show that the Colony was set up both for a religious purpose and the object of operating a communal farm. In respect of the agricultural operations, the Colony cannot be considered otherwise than as a secular undertaking, it is not a charitable undertaking. ...

Efforts were made (but without success) to acquire additional land adjoining Ball to make the total holdings on that corner into a “square” which they considered to be better suited to development purposes. ... The problem of the respondent in the present case has this in common with the hypothetical example of the shopping centre which I have just mentioned in so far as there is no direct evidence that the possibility of reselling the land in question was considered in the minds of the appellants when they decided to make their purchase; in fact the evidence is to the contrary. ... Nevertheless, I am equally satisfied that within the framework of a very preliminary general idea of what they might do with the property, the objective of using Hooke and building a suitable development thereon was the prospect considered likely and viable at the date of acquisition, rather than any conscious intention to hold it for resale at a profit. ...

Third, that the sale of a portion of the shares of the corporation could not be considered to be tantamount to a sale of the assets of those corporations because it was a partial sale of the shares and the court referred finally to the circumstances of the sale. ... I would submit that all of these factors are equally present in the present case.... these principles and facts that emerge from the Blok-Andersen case or the modifications that the Blok-Andersen case make on the Fraser doctrine are also brought out in the more recent case of Weldon & Robb (supra)...... the principles that seemed to emerge there are: (1) if it is a partial sale of shares of the company generally, that will be considered to be a capital investment; and the second thing is that where the active operations, the business of the company continues, that the sale of the shares of the corporation will not be considered to be the sale of the assets of the corporation. ... As I see it, counsel for the appellant has proposed that the Board allow the appeal based upon three distinctions from Fraser (supra) which arise out of his reading of the subsequent jurisprudence noted: (1) It is a partial sale of shares of the company, generally that will be considered to be a capital investment... (2) the active operation, the business, continues (and as such it signifies that the sale of the shares of the corporation will not be considered to be the sale of the assets of the corporation)... (3)... the Fraser doctrine is appropriate in circumstances where the incorporation of the company is done for the express purpose of in effect transferring the assets of the corporation and converting what would otherwise be ordinary income into capital gain. ...

None of the decisions reported to date dealing with section 125 have considered whether the bare investment of cash in bank certificates or short-term prime commercial paper constitutes an active business. ... The funds placed in deposit were considered surplus to the daily business needs of the company. ... In order that the interest should be considered as having been derived from the active business, “the specific function under review should form a necessary part of the whole operation”. ...

In that case the Court considered actions taken by a creditor to realize on security which it held for payment of a note and debenture which were payable on demand. ...